Sales transactions in London are up 56% annually and 2% on month, with no signs of a seasonal lull, according to Sequence, owners of 300 estate agents’ branches, including Barnard Marcus, William H Brown and Fox & Sons.

UK average sales transaction levels rose by 32% annually and 1% on month.

London’s average house prices have grown 5% on month and 15% annually, to £425,486.

Sequence reported that competition for property remains fierce, with almost seven new buyers for every new instruction (6.9/1) – the highest level for three years.

Mortgage applications continue to rise, up 40% annually and 3% on month, with first time buyer applications up 49% annually.

David Plumtree, chief executive of Sequence, said: “The current property market appears to show no signs of slowing as we approach Christmas, with activity levels and house prices remaining buoyant. Looking at the annual rate of change it becomes clear that 2013 is a very different market to that of last year, with sales transactions levels across the UK up 32% and house prices up 9%.

“Yet again London is leading the way, with prices up 5% on month and 15% annually. These price rises are not deterring buyers, as sales transactions continue to rise at a fast pace, up 56% annually and 2% on month.

“The primary reason for the heightened activity levels is an increasing demand for home ownership across the demographic spectrum. There has been a constant flow of new buyers for the last four months, increasing 1% in November and up 36% annually.

“This, combined with a slowdown in the supply of property coming onto the market, (-14% on month) has resulted in almost seven (6.9) buyers registering to buy every new instruction. In London this is even more acute, with 14 buyers chasing every new instruction.”